The Naira on Friday depreciated further, exchanging at N321.5 to the dollar at the parallel market.

The News Agency of Nigeria reports that the naira lost N1 on Friday afternoon, from the N320.5 to a dollar it traded on Wednesday.

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However, it traded against the Pound Sterling and the Euro at N460 and N463. It had previously exchanged at N457 and N361 respectively on Wednesday.

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Meanwhile, the Nigerian currency maintained N197 to the greenback at the official Central Bank of Nigeria (CBN) rate.

Traders at the market noted that in spite of the appreciation in the price of oil at the international market, the naira continued to fall.

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They, however, said that a sustained rise in the price of oil would shore up the value of the naira at the market.